Okla. Stat. tit. 11, § 11-7-103: Disposition of property - Payment of debts and

liabilities - Contract rights.

The property belonging to the dissolved municipality shall be

used first to pay its debts and liabilities, and then disposed of in

the manner as a majority of the registered voters of the

municipality shall direct in a special election on the question of

disposition of property. No dissolution of an incorporated

municipality shall impair the rights of any person in any contract

or agreement to which the municipality is a party.